Frog Innovations Ltd
Incorporated in 2004, Frog Cellsat
Ltd manufactures in-building coverage solutions and mobile network accessories for mobile service providers and operators. It also provides installations, repair and maintenance services[1]
- Market Cap ₹ 261 Cr.
- Current Price ₹ 168
- High / Low ₹ 277 / 124
- Stock P/E
- Book Value ₹ 99.9
- Dividend Yield 0.00 %
- ROCE -3.53 %
- ROE -2.11 %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
- Company is almost debt free.
- Company is expected to give good quarter
Cons
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of -6.24% over past five years.
- Company has a low return on equity of 7.88% over last 3 years.
- Debtor days have increased from 115 to 142 days.
- Working capital days have increased from 150 days to 212 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Half Yearly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 65.24 | 84.12 | 86.90 | 88.54 | 60.49 | 87.02 | 119.86 | 132.93 | 135.19 | 157.68 | 219.35 | 86.84 | |
| 49.19 | 68.10 | 75.88 | 83.86 | 64.47 | 81.88 | 109.32 | 113.74 | 110.47 | 137.91 | 183.93 | 90.75 | |
| Operating Profit | 16.05 | 16.02 | 11.02 | 4.68 | -3.98 | 5.14 | 10.54 | 19.19 | 24.72 | 19.77 | 35.42 | -3.91 |
| OPM % | 24.60% | 19.04% | 12.68% | 5.29% | -6.58% | 5.91% | 8.79% | 14.44% | 18.29% | 12.54% | 16.15% | -4.50% |
| 0.02 | 0.42 | 1.46 | 2.23 | 1.24 | 2.05 | 1.79 | 2.58 | -1.38 | 3.14 | 2.81 | 2.60 | |
| Interest | 0.47 | 0.69 | 0.66 | 1.62 | 2.33 | 2.15 | 1.16 | 0.53 | 0.71 | 0.47 | 1.27 | 0.54 |
| Depreciation | 1.53 | 2.20 | 2.03 | 2.06 | 3.38 | 2.95 | 1.77 | 1.36 | 1.58 | 3.10 | 4.27 | 5.17 |
| Profit before tax | 14.07 | 13.55 | 9.79 | 3.23 | -8.45 | 2.09 | 9.40 | 19.88 | 21.05 | 19.34 | 32.69 | -7.02 |
| Tax % | 16.06% | 33.36% | 20.84% | 6.19% | -18.82% | 54.07% | 29.79% | 29.78% | 26.51% | 21.87% | 27.96% | -47.72% |
| 11.81 | 9.02 | 7.75 | 3.03 | -6.86 | 0.97 | 6.61 | 13.96 | 15.46 | 15.11 | 23.56 | -3.67 | |
| EPS in Rs | 2,362.00 | 1,804.00 | 1,550.00 | 606.00 | -1,372.00 | 194.00 | 1,322.00 | 2,792.00 | 10.06 | 9.79 | 15.17 | -2.36 |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 0% |
| 5 Years: | -6% |
| 3 Years: | -14% |
| TTM: | -60% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| TTM: | -114% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | -13% |
| 1 Year: | -32% |
| Return on Equity | |
|---|---|
| 10 Years: | 10% |
| 5 Years: | 11% |
| 3 Years: | 8% |
| Last Year: | -2% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 15.38 | 15.44 | 15.53 | 15.55 |
| Reserves | 31.25 | 40.27 | 48.07 | 51.05 | 44.19 | 45.16 | 51.77 | 60.73 | 100.09 | 116.26 | 142.93 | 139.84 |
| 10.19 | 12.24 | 13.20 | 25.82 | 20.99 | 17.60 | 3.75 | 6.08 | 0.00 | 4.69 | 20.20 | 12.86 | |
| 13.29 | 13.91 | 8.82 | 9.61 | 9.16 | 25.61 | 27.67 | 23.09 | 23.09 | 23.77 | 46.21 | 15.90 | |
| Total Liabilities | 54.78 | 66.47 | 70.14 | 86.53 | 74.39 | 88.42 | 83.24 | 89.95 | 138.56 | 160.16 | 224.87 | 184.15 |
| 9.49 | 9.03 | 8.74 | 9.10 | 11.71 | 9.32 | 5.28 | 6.21 | 8.13 | 76.27 | 79.84 | 89.54 | |
| CWIP | 0.00 | 0.00 | 0.00 | 2.30 | 0.00 | 0.00 | 0.00 | 7.05 | 35.89 | 0.00 | 0.00 | 0.68 |
| Investments | 0.00 | 0.00 | 1.50 | 10.18 | 10.18 | 10.74 | 11.87 | 10.19 | 0.11 | 0.39 | 0.89 | 1.03 |
| 45.29 | 57.44 | 59.90 | 64.95 | 52.50 | 68.36 | 66.09 | 66.50 | 94.43 | 83.50 | 144.14 | 92.90 | |
| Total Assets | 54.78 | 66.47 | 70.14 | 86.53 | 74.39 | 88.42 | 83.24 | 89.95 | 138.56 | 160.16 | 224.87 | 184.15 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1.65 | 6.29 | 0.92 | -3.15 | 8.89 | 2.36 | 7.12 | 6.90 | -2.60 | 22.88 | |||
| -7.51 | -1.42 | -1.29 | 0.35 | -0.45 | -7.44 | -26.07 | -30.18 | -7.18 | -16.18 | |||
| 5.31 | 1.36 | 0.13 | -4.24 | -7.62 | -3.06 | 34.88 | 4.35 | 14.87 | -7.75 | |||
| Net Cash Flow | -0.55 | 6.23 | -0.24 | -7.04 | 0.82 | -8.14 | 15.93 | -18.93 | 5.09 | -1.04 | ||
| Free Cash Flow | -5.88 | 4.55 | -0.87 | -7.45 | 8.34 | -7.02 | -25.25 | -26.11 | -13.56 | 7.38 | ||
| CFO/OP | 20% | 56% | 31% | 49% | 199% | 24% | 52% | 61% | 9% | -693% |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 122.80 | 82.05 | 119.24 | 69.96 | 76.45 | 90.01 | 81.34 | 53.93 | 75.19 | 71.34 | 131.59 | 141.69 |
| Inventory Days | 182.68 | 174.57 | 108.46 | 117.68 | 179.35 | 169.60 | 75.52 | 128.01 | 156.02 | 125.81 | 117.56 | 228.29 |
| Days Payable | 120.32 | 89.84 | 36.32 | 38.81 | 36.79 | 134.68 | 111.59 | 70.55 | 61.25 | 37.61 | 89.80 | 68.63 |
| Cash Conversion Cycle | 185.17 | 166.78 | 191.39 | 148.83 | 219.01 | 124.94 | 45.26 | 111.38 | 169.96 | 159.54 | 159.35 | 301.35 |
| Working Capital Days | 140.65 | 137.89 | 163.47 | 69.79 | 89.18 | 77.18 | 57.62 | 92.97 | 120.15 | 120.81 | 118.64 | 211.75 |
| ROCE % | 44.85% | 30.28% | 18.42% | 7.02% | -8.68% | 6.73% | 18.74% | 33.13% | 26.68% | 13.87% | 21.56% | -3.53% |
Insights
In beta| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Net Fixed Asset Turnover x |
|
||||
| Employee Strength Count |
|||||
| Manufacturing Facility Area Sq. Ft. |
|||||
| Number of Products Count |
|||||
| Order Book Rs. Million |
|||||
| Total R&D Investment Rs. Million |
|||||
Extracted by Screener AI
Documents
Announcements
-
Copy of Newspaper Publication
26 June 2026 - Newspaper publication made on 26 June 2026 for Frog Innovations' 22nd AGM on 22 July 2026 via VC/OAVM.
-
Shareholders meeting
25 June 2026 - Frog Innovations AGM on 22 July 2026; book closure 16-22 July; special resolutions on AI and migration.
-
Record Date
25 June 2026 - Book closure from 16–22 July 2026 for AGM on 22 July 2026; remote e-voting details provided.
-
Copy of Newspaper Publication
24 June 2026 - Newspaper publication issued for 22nd AGM on 22 July 2026 at 3:30 p.m. via VC/OAVM.
-
Change in Management
22 June 2026 - Board approved continuing Barathy Sundaram as Independent Director beyond 75, subject to 22nd AGM approval.
Annual reports
Concalls
-
May 2026Transcript PPT REC
-
Dec 2025Transcript PPT REC
-
May 2025Transcript PPT
-
Jan 2025Transcript PPT REC
-
Oct 2024Transcript PPT REC
-
Jul 2024Transcript PPT REC
-
May 2024Transcript PPT REC
-
Nov 2023TranscriptPPTREC
-
Sep 2023TranscriptPPTREC
-
Aug 2023TranscriptPPT
-
Jun 2023Transcript PPT REC
-
Dec 2022TranscriptAI SummaryPPT
-
Dec 2022TranscriptAI SummaryPPT
Business Overview:[1]
FSL is certified by ISO and National Security Council, for design, manufacture, installation and supply of Telecom Equipment to Indian Mobile Operators. It manufactures RF equipments in India and provides wireless coverage enhancement solutions for 2G /3G /4G /5G.